Revolut is bringing its digital banking app to Peru as part of ongoing efforts to increase its foothold in Latin American markets.

To make this happen, the London-based FinTech firm is currently in the process of obtaining a Peruvian banking license.

Peru is the fifth Latin American country in which Revolut has set up operations, with the company already operating in Brazil, Mexico, Colombia and Argentina.

Revolut’s Latin American expansion drive forms part of a wider commitment for the bank to provide its services to 100 million people across 100 countries.

The company has already hired Julien Labrot, a regional banking industry executive who most recently worked as corporate chief commercial officer at Chile-based bank Banco Ripley, to lead the business in Peru.

His new role will see him supporting Revolut Peru’s banking license application, developing and implementing a strategy to ensure the success of the regional Revolut arm, and hiring local experts to help put this strategy into practice.

Once Labrot and his team have been awarded a Peruvian banking license, they can begin providing the country’s consumers - many of whom are unbanked - with “localised products and services”.

It is estimated that half of Peru’s population doesn’t use banking services, even though nearly all of its citizens use smartphones.

Looking to change this, Labrot said Revolut Peru is “building a secure and compliant platform that genuinely serves the needs of our future customers”.

He added: “We are here to contribute to the digital transformation of financial services, working closely with regulators to offer a long-term, trusted world-class banking solution for individuals and businesses alike."

Revolut's expansion drive follows a period of strong growth for the company, with revenues reaching $4 billion in 2024. Of this, $1 billion was profit.

The bank also has $33 billion in assets, along with a valuation of $75 billion.

Carlos Urrutia, head of expansion at Revolut, added: "Revolut's entry into Peru is built on our belief that digital financial services should be empowering, accessible, and secure for everyone.

“"By pursuing a full banking licence we are not just entering a new market - we are committing to becoming a trusted and integral part of Peru's financial ecosystem."

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